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Richard Cousins, PwC pensions partner, commented: “The uncertainty around our EU membership has contributed greatly to the volatility of the UK markets and this has affected funding deficits of defined benefit pension schemes. Our Skyval Index that tracks funding levels of these schemes shows the aggregate deficit has increased by almost £100bn since March, with the gap extended by almost £50bn in the last month alone. |
“Today’s vote to leave the EU will mean more uncertainty and a tough period for defined benefit (DB) and defined contribution (DC) schemes. Employers with DB schemes will need to work closely with trustee boards to assess the current strategy to deliver a fully funded scheme. Trustee investment committees will need to meet frequently over the coming months to manage this period as robustly as possible.
“For DC schemes it is the members who are directly impacted by this result. Employers should carefully consider what to communicate to members, particularly those looking to retire in the next few months.” |
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